Make sure you understand the tax ramifications of a short sale in the event that the Mortgage Forgiveness Debt Act is not extended. Write your Congressmen now to ask them to extend the Act for the benefit of all of the homeowners who will need to short sell in 2014 and 2015.
I agree we still have aftershock short sales coming through that are going to need this legislation.
Please support or even better co-sponsor H.R. 2994 with Rep. Tom Reed. / S.1187 with Sen Debbie Stabenow
As you know squeezing blood out of turnip is futile -- Virtually all of the citizens faced with 1099-C income, related to a primary residence, are unable to pay both the deficiency and the tax liability that is collectible according to the Internal Revenue Code. Even better would be to make the law permanent so we don't have to do this dance every year.
Senator Tom Coburn is a champion for exposing wasteful spending. Lets approve the extension of the Mortgage Forgiveness Act and then diligently focus on waste and abuse to recover the revenue lost by granting this extension.